No Magic Solution Here

The frenzy of packaging assets into ETFs has officially reached the absurd: The Winklevii filed to launch a Bitcoin ETF. Wariness is needed.

Popular culture has an expression for a turning point in the creative cycle -- "jumping the shark." It stems from an episode of Happy Days, in which Fonzie, clad in his leather jacket while on water skis, soars over a circling shark. The notion is that when creativity dries up, the powers-that-be resort to gimmickry instead of replenishing the well of ideas. And while there have been a number of exchange-traded funds with questionable merit requesting regulatory approval, it's safe to say that the Winklevoss Bitcoin...